—(1) The Board may, subject to such terms and conditions as it may impose, permit a member of the Fund to withdraw such portion of the sum standing to his credit in the Fund as may be prescribed for the payment of tuition fees payable by that member, his child or such other relative as may be approved by the Board, for a course of study conducted, or to be conducted, in whole or in part at an approved educational institution, including any such course of study leading to a qualification conferred by another educational institution.
(2) Every application for withdrawal under subsection (1) shall be made to the Board in such form as may be approved by the Board.
(3) Where a member wishes to make any withdrawals for himself, his child or relative for the purpose of subsection (1), that member, child or relative shall —
give an undertaking to the Board; and
if required by the Board, furnish a guarantee by any person acceptable to the Board,
for the repayment to the Board to the account of that member in the Fund from whose account such withdrawals were made, all sums withdrawn, together with the whole or such part, as the Board may determine, of the interest that would have been payable thereon, in such manner and within such time as may be prescribed.
(4) An undertaking given to the Board by any person under subsection (3) shall be enforceable notwithstanding that the person was a minor at the time the undertaking was given.
(5) Notwithstanding anything in this Act, any sum not returned to the Board to the account of the member in the Fund under subsection (3) may be sued for and recovered by the Board under section 65.
(5A) The Board may refuse to permit a withdrawal under subsection (1) for a payment to an approved educational institution, if the approved educational institution fails to —
provide such information, evidence and documents relevant to the payment as the Board may reasonably require from the approved educational institution; or
comply with such administrative or operational requirements as the Board may reasonably impose under an arrangement between the Board and the approved educational institution.
(5B) Without prejudice to subsections (3), (4) and (5), where any sum standing to the credit of a member in the Fund has been withdrawn and paid to an approved educational institution in error —
the approved educational institution shall repay to the Board, to the account of the member in the Fund, that sum, together with the whole or such part, as the Board may determine, of the interest that would have been payable thereon;
the approved educational institution shall, if it caused or contributed to the error —
reimburse the Board for all reasonable expenses incurred by the Board in rectifying the error; and
indemnify the Board against any liability (whether to the member or to any other person) incurred by the Board in connection with the withdrawal or payment;
any sum not paid to the Board under paragraph (b) may be sued for and recovered by the Board as a debt due to the Board.
(6) In this section —
“approved educational institution” means any educational institution in Singapore approved by the Minister for the purposes of subsection (1);
“course of study” means any course of study which is of a type prescribed by the Minister for the purposes of subsection (1);
“relative” means a person who is related to a member and who is dependent on that member for his care and maintenance;
“tuition fees” includes any administrative fees imposed by the Board in respect of any withdrawals made by a member under this section.